On January 25, Payfactory, a payment gateway platform, announced a growth investment from Bluefin, a payment and sensitive data security solutions provider. The investment injected by Bluefin will enable Payfactory to expand its product offerings to its target clients both in the domestic and international markets.
Ruston Miles, the CEO of Payfactory, disclosed how the partnership with Bluefin will be important for Payfactory. He revealed that Payfactory provides software companies with immediate onboarding, payment acceptance and payouts through a suite of restful APIs. However, Miles stated that such benefits have only been available to small software firms through a limited number of large providers at a high cost and with no revenue sharing. He said that a partnership between Bluefin and Payfactory would help offer the most secure Payfac-as-a-Service option available in the market, and, therefore, enable mid-market software companies to get all of the benefits of Payfac together with payment revenue sharing.
Meanwhile, John Perry, the CEO of Bluefin, said that the strategic partnership would bring the efficiency and speed of Payfac to Bluefin’s business partners. Bluefin offers integrated payment and data security solutions to more than 20,000 merchants in 47 nations through its product suite and network of 200 global connected partners.
FinTech Solutions for Small Business Growth
The partnership between Payfac and Bluefin comes at a time when the fintech companies continue to help operations of medium-size and small businesses. Small and medium-sized enterprises (SMEs) are the backbone of every country’s economy and the driving force behind the creation of jobs. However, such businesses face many obstacles including access to finance, competition from big businesses and government requirements. All these obstacles may prevent these businesses from growing into bigger businesses. Fintech developments such as PayPal, Block Inc (formally Square) and others are helping small businesses get established, thrive and scale. Fintech gives small businesses more options than ever related to money transfer, funding, payment processing and more. Fintech provides several advantages to small businesses which can use financial technology to save money, better serve their customers and make processes more efficient.
